The Effects of Reforming the Chinese Dual-Track Price System



Substituting (21) into (20) gives


dP x

=≡ = - +
dp x


Px

6p
x


dP

J dp


Substituting for dp


from (18) and using x = xs gives


dP
dP)


χ________1________Γs_ χ/ s _ (p-Px ʌ

xS- (x-x^-χs S rΛ6P     m 6m6P)

X y x x χ x ^m x p        p           IIU


> 0.


(23)


Differentiating (6) w.r.t. x, we obtain

dP
dx)


dp
dx


x) dp   1                    x

++ — (P - P) + (P - P) —2 xP
x dx   x                  (x)2


dp
dxP


-x


px

6P
x


dp
dxP


1 (P - P).
x


Substituting for dp∙ from (19) and using x = xs, we obtain

dP
dxP


S(x x)xmxp


xp (6P


(p p)p

m


6m6p)


< 0.


(24)


Proposition 3

Differentiating (8), and using Roy’s identity,

dv = Vpdp + vm dppΛ P = -vm dp (xx) + x

dp> dp Pp J            dp>

28



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